MONCTON, NB, Dec. 21 /CNW/ - PDM Royalties Income Fund (the "Fund")
(TSX: PDM.UN) announced today a cash distribution of $0.12 per unit for the
month of December, 2006, this reflects an annual distribution of $1.44 per
unit. The distribution will be paid to unitholders of record at the close of
business on December 31, 2006 and will be payable on or before January 31,
2007.

For those unitholders holding units outside a tax deferred plan, the Fund
estimates that the 2006 distributions will be treated approximately as 80%
taxable income and 20% as a return of capital. The proportion of these figures
may change when the actual results for the fiscal year are calculated.

Royalties paid to the Fund will be adjusted annually to include the
franchise revenues of the new Pizza Delight, Mikes, Scores, and Baton Rouge
restaurants opened prior to October 2 of each year.

The Fund is a limited purpose open-ended trust established under the laws
of Ontario. The Fund will make monthly distributions of its available cash to
holders of units. The Fund indirectly owns the trade marks and intellectual
property for the Pizza Delight, Mikes, and Scores brands and has licensed them
to Pizza Delight in consideration for a royalty equal to 4% of system sales,
and in the case of Scores and Baton Rouge, the royalty rate is 6%.

Pizza Delight is a privately owned corporation, headquartered in Moncton,
New Brunswick. It operates franchised and corporate restaurants under the
brand names Pizza Delight(R), Mikes(R), Scores(R), and Baton Rouge
restaurants. Pizza Delight(R) operates primarily in Atlantic Canada, where it
dominates the family/mid-scale segment. Mikes(R) and Scores(R) restaurants
operate primarily in Quebec in the family and casual dining segments and the
take-out and delivery segments. Baton Rouge has operations in Quebec and
Ontario in the high end casual segment.